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7/26/2019 Fex Post Class Lc 1 to 28
1/79
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question ResultsScore0of 1
(skipped)
1. Violation of FEMA provisions is a criminal offence.
TRUE
FALSE
Score0of 1
(skipped)
2. Exchange control refers to restriction on imports and exports.
TRUE
FALSE
Score0of 1
(skipped)
3. The correspondent relationship between banks is also known as agency
arrangement.
TRUE
FALSE
7/26/2019 Fex Post Class Lc 1 to 28
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Score0of 1
(skipped)
4. The practice of exchange control is unique to India.
TRUE
FALSE
Score0of 1
(skipped)
5. Example of prohibited foreign exchange transaction is the remittance
out of lottery winnings.
TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Foreign exchange markets are closed on Saturdays.
TRUE
7/26/2019 Fex Post Class Lc 1 to 28
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FALSE
Score0of 1
(skipped)
2. The euro is the most traded currency in foreign exchange markets.
TRUE
FALSE
Score0of 1(skipped)
3. In the pure form of arbitraging the operator has no investment.
TRUE
FALSE
Score0of 1
(skipped)
4. Buying and selling transactions are always viewed from the bank's
perspective.
TRUE
FALSE
Score0of 1
(skipped)
5. A tom transaction is deliverable on the same day.
7/26/2019 Fex Post Class Lc 1 to 28
4/79
TRUE
FALSE
Score0of 1
(skipped)
6. The difference between the bid rate and offer rate in inter-bank
quotation is called spread.
TRUE
FALSE
Score0of 1
(skipped)
7. The largest foreign exchange market in the world is in Singapore.
TRUE
FALSE
Score0of 1
(skipped)
8. European quotations are quotations obtained from the European
markets.
TRUE
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FALSE
Score0of 1
(skipped)
9. All inter-bank deals should pass through exchange brokers.
TRUE
FALSE
Score0of 1
(skipped)
10. Exchange rates quoted for a currency by different market
makers may differ, but only to the extent of transaction costs.
TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. A credit in our nostro account will appear as a credit in mirror account.
TRUE
7/26/2019 Fex Post Class Lc 1 to 28
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FALSE
Score0of 1
(skipped)
2. Remittances can be made only to centers where bank holds nostro
accounts.
TRUE
FALSE
Score0of 1
(skipped)
3. Inward remittances which are not credited to accounts appear as pending
credit entries in nostro.
TRUE
FALSE
Score0of 1
(skipped)
4. Selling rate is quoted by bank for outward remittance.
7/26/2019 Fex Post Class Lc 1 to 28
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TRUE
FALSE
Score0of 1
(skipped)
5. Mirror account is not required for USD nostro accounts.
TRUE
FALSE
Score0of 1
(skipped)
6. Remittance to meet medical expenses of a relative abroad is a capital
account transaction.
TRUE
FALSE
Score0of 1
(skipped)
7. Remittance permitted under Liberalized Remittance Scheme is USD
300000.
TRUE
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FALSE
Score0of 1
(skipped)
8. Form A 1 is used for remitting import payments.
TRUE
FALSE
Score0of 1
(skipped)
9. Foreign contributions to an NGO can be received in any number
of bank accounts.TRUE
FALSE
Score0of 1
(skipped)
10. In FCRA 2010, Chapter IV deals with procedures relating to
receipt of foreign donation and their utilization in bank accounts.
7/26/2019 Fex Post Class Lc 1 to 28
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TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question ResultsScore0of 1
(skipped)
1. Traders react to news when it breaks rather than waiting for markets to
open.
TRUE
FALSE
Score0of 1
(skipped)
2. Reasons for fluctuations in exchange rates can be pin-pointed.
TRUE
FALSE
Score0of 1
(skipped)
7/26/2019 Fex Post Class Lc 1 to 28
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3. Mutual funds can also take position in the derivatives market.
TRUE
FALSE
Score0of 1
(skipped)
4. Banks participate in the capital market and money market.
TRUE
FALSE
Score0of 1
(skipped)
5. London is not a major foreign exchange trading center.
TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
7/26/2019 Fex Post Class Lc 1 to 28
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1. Overdue export bills are crystallized.
TRUE
FALSE
Score0of 1
(skipped)
2. The TT selling rate is applied for payment of import bills.
TRUE
FALSE
Score0of 1
(skipped)
3. The Bill of entry is the ultimate proof of imports.
TRUE
FALSE
Score0of 1
(skipped)
4. Inward remittance for an NRE account comes through SWIFT
message.
7/26/2019 Fex Post Class Lc 1 to 28
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TRUE
FALSE
Score0of 1
(skipped)
5. Form A 2 must be furnished by an importer while retiring import bills.
TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Foreign exchange was considered a rare commodity till
1970s
1990s
2010s
1980s
7/26/2019 Fex Post Class Lc 1 to 28
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Score0of 1
(skipped)
2. Transactions prohibited under rule 3 of the foreign exchange management
current account transactions rules 200 does not apply to:
Payment related to `call back ser!ces" o# tele$%ones
Rem!ttance o# !nterest !ncome on #&nds %eld !n 'on Res!dent S$ec!al R&$ee
Payment o# comm!ss!on on e($orts &nder R&$ee State )red!t Ro&te e(ce$t &
Rem!ttance #or st&dy abroad
Score0of 1
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3. Remittance out of lottery winning proceeds is:
Perm!tted &nder r&le + o# t%e #ore!,n e(c%an,e mana,ement c&rrent acco&nt
Pro%!b!ted &nder r&le + o# t%e #ore!,n e(c%an,e mana,ement c&rrent acco&nt
Perm!tted &nder r&le + o# t%e #ore!,n e(c%an,e mana,ement c&rrent acco&nt
Pro%!b!ted &nder r&le + o# t%e #ore!,n e(c%an,e mana,ement c&rrent acco&nt
Score0of 1
(skipped)
4. Section ____ of FEMA Act provides control over repatriation of sale
proceeds of exported goods.
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7
Score0of 1
(skipped)
5. As per section 10 of FEMA Act who is not considered as authorized
dealer?
E(c%an,e -roker
-anks
Restr!cted 3oney )%an,ers
F&ll4#led,ed 3oney )%an,ers
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. IEC code is issued by RBI.
TRUE
FALSE
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(skipped)
2. Exim policy is valid for 5 years.
TRUE
FALSE
Score0of 1
(skipped)3. Pre-shipment credit can be extended in foreign currency.
TRUE
FALSE
Score0of 1
(skipped)
4. Restricted items can be imported only under a license.
TRUE
FALSE
Score0of 1
(skipped)
5. For making payments against imports the importer has to apply to the
Bank in form A 2.
TRUE
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FALSE
Score0of 1
(skipped)
6. Bill of Entry is the documentary evidence of imports.
TRUE
FALSE
Score0of 1
(skipped)
7. State traded goods can be imported by any trader.
TRUE
FALSE
Score0of 1
(skipped)8. Import licence will indicate the value on CIF basis.
TRUE
FALSE
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Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question ResultsScore0of 1
(skipped)
1. Settlement of transactions between the banks is easy when there is
accounting relationship.
TRUE
FALSE
Score0of 1
(skipped)
2. Confirming of our L/ C will not be done by our correspondent bank.
TRUE
FALSE
Score0of 1
(skipped)
3. The decision to appoint a bank abroad as correspondent bank depends
on the volume of transactions and direction of flow.
TRUE
7/26/2019 Fex Post Class Lc 1 to 28
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FALSE
Score0of 1
(skipped)
4. Unreconciled nostro entries can arise from charges debited by overseas
bank, but not absorbed at our end.
TRUE
FALSE
Score0of 1
(skipped)
5. We do not need the help of correspondent bank in collection of
cheques drawn abroad.
TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Authorized Dealers of Category II are not members of FEDAI.
7/26/2019 Fex Post Class Lc 1 to 28
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TRUE
FALSE
Score0of 1
(skipped)
2. Violation of FEMA provisions is a criminal offence.
TRUE
FALSE
Score0of 1
(skipped)
3. The FIMMDA and FEDAI are not nodal agencies for administering rupee
interest rates and foreign exchange benchmarks in the markets.
TRUE
FALSE
Score0of 1
(skipped)
4. The FEMA has 7 chapters with 49 sections.
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TRUE
FALSE
Score0of 1
(skipped)
5. Commercial banks authorized to deal in forex are classified as
Authorized Dealers of Category II.
TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Authorized Dealers of Category II are not members of FEDAI.
TRUE
FALSE
Score0of 1
(skipped)
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2. Violation of FEMA provisions is a criminal offence.
TRUE
FALSE
Score0of 1
(skipped)
3. The FIMMDA and FEDAI are not nodal agencies for administering rupee
interest rates and foreign exchange benchmarks in the markets.
TRUE
FALSE
Score0of 1(skipped)
4. The FEMA has 7 chapters with 49 sections.
TRUE
FALSE
Score0of 1
(skipped)
5. Commercial banks authorized to deal in forex are classified as
Authorized Dealers of Category II.
TRUE
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FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Card rates are applicable for transactions in international credit cards.
TRUE
FALSE
Score0of 1
(skipped)
2. Inter-bank rate, based on which merchant rate is quoted is known as base
rate.
TRUE
FALSE
Score0of 1
(skipped)
3. Bill selling rate is used when export bill is dishonored.
TRUE
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FALSE
Score0of 1
(skipped)
4. Exchange margin is deducted from inter-bank rate to arrive at the
merchant buying rate.
TRUE
FALSE
Score0of 1
(skipped)
5. The quotation for a merchant transaction is a two-way quotation.TRUE
FALSE
Score0of 1
(skipped)
6. Interest for transit period is included in bill buying rate
TRUE
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FALSE
Score0of 1
(skipped)
7. The rates quoted by a Bank to its trade customers are known as
trading rates.
TRUE
FALSE
Score0of 1
(skipped)
8. TT rate is applied for transactions where nostro account has
already been credited.
TRUE
FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
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1. Card rates are applicable for transactions in international credit cards.
TRUE
FALSE
Score0of 1
(skipped)
2. The inter-bank rate, based on which merchant sale rate is quoted, is
known as base rate.
TRUE
FALSE
Score0of 1
(skipped)
3. The TT selling rate is used when import bill is retired.
TRUE
7/26/2019 Fex Post Class Lc 1 to 28
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FALSE
Score0of 1
(skipped)
4. The exchange margin is added to the inter-bank rate to arrive at the
merchant selling rate.
TRUE
FALSE
Score0of 1
(skipped)
5. The quotation for a merchant sale transaction is a two-way quotation.
TRUE
FALSE
Score0of 1
(skipped)
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6. The selling rates quoted by a bank to its trade customers are known
as trading rates
TRUE
FALSE
Score0of 1
(skipped)
7. The TT selling rate is applied to transactions where no handling of
documents is involved
TRUE
FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. A forward contract provides a perfect hedge for currency exposures.
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TRUE
FALSE
Score0of 1
(skipped)
2. OTC derivatives are standardized products.
TRUE
FALSE
Score0of 1
(skipped)
3. A forward contract has attendant credit risk and market risk.
TRUE
FALSE
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Score0of 1
(skipped)
4. Four types of derivative instruments are forwards, futures, options and
swaps.
TRUE
FALSE
Score0of 1
(skipped)
5. Under an option forward contract, the option of choosing the delivery
date within the option period rests with the customer.
TRUE
FALSE
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(skipped)
6. On the due date of a forward contract, the customer may opt for spot
rate, if it is favorable to him.
TRUE
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FALSE
Score0of 1
(skipped)
7. For a receivable due in December, a forward contract can bebooked to fall due in December only, not earlier or later.
TRUE
FALSE
Score0of 1
(skipped)
8. For an exposure in GBP, the customer may choose to book a
forward contract in Euro.
TRUE
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FALSE
Score0of 1
(skipped)
9. An option forward contract is also known as option contract.
TRUE
FALSE
Score0of 1
(skipped)
10. When the customer delivers foreign exchange on the due date,
the transaction is done at the rate agreed.
TRUE
FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
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Score0of 1
(skipped)
1. A customer can approach the bank for cancellation of a forward contract
when the underlying transaction becomes unproductive.
TRUE
FALSE
Score0of 1
(skipped)
2. A forward contract cannot be cancelled before its due date.
TRUE
FALSE
Score0of 1
(skipped)
3. A contract booked can be partly delivered and partly cancelled by the
customer.
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TRUE
FALSE
Score0of 1
(skipped)
4. An option forward contract can be cancelled only by the Bank.
TRUE
FALSE
Score0of 1
(skipped)
5. A customers consent is required for cancellation of forward contract
remaining overdue beyond 15 days from the due date.
TRUE
FALSE
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Score0of 1
(skipped)
6. Cover for a deferred payment import is available on roll-over basis.
TRUE
FALSE
Score0of 1
(skipped)
7. The charges for automatic cancellation do not include exchange
difference.
TRUE
FALSE
Score0of 1
(skipped)
8. The interest on the outlay of funds is recovered from the customer
in the case of early delivery.
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TRUE
FALSE
Score0of 1
(skipped)
9. Interest on outlay of funds is not collected if the amount is less
than Rs.100.
TRUE
FALSE
Score0of 1
(skipped)
10. Rule 8 of FEDAI pertains to automatic cancellation of forward
contracts.
TRUE
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FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Early extension of forward contract does not involve cancellation and
rebooking.
TRUE
FALSE
Score0of 1
(skipped)
2. Where forward margin is in premium it will be rounded off to the lower
month (or rate at the previous month) to arrive at forward buying rate.
TRUE
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FALSE
Score0of 1
(skipped)
3. Re-booking is done at the old contracted rate.
TRUE
FALSE
Score0of 1
(skipped)
4. Cancellation is done at the relevant forward rate.
TRUE
FALSE
Score0of 1
(skipped)
5. FEDAI has clarified that it would not be necessary to load exchange
margins when both the cancellation and re-booking of forward contracts
are undertaken simultaneously.
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TRUE
FALSE
Score0of 1
(skipped)
6. Early extension of forward contracts is regulated by SEBI.
TRUE
FALSE
Score0of 1
(skipped)
7. Extension of forward contract on due date is regulated by Forward
Markets Commission.
TRUE
FALSE
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Score0of 1
(skipped)
8. Forward contract is an OTC product.
TRUE
FALSE
Score0of 1
(skipped)
9. Request for extension of forward contract before due date should
be rejected.
TRUE
FALSE
Score0of 1
(skipped)
10. Before an overdue forward contract is cancelled by the bank,
the customer may request its extension.
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TRUE
FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. A currency swap involves exchange of interest rate payments and principal
amounts.
TRUE
FALSE
Score0of 1
(skipped)
2. Basis swaps are cash flows where both the legs of the swap are
referenced to the same floating rates.
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TRUE
FALSE
Score0of 1
(skipped)
3. The bench mark rate in the case of IRS is already determined.
TRUE
FALSE
Score0of 1
(skipped)
4. Prices of IRS are quoted in terms of floating leg.
TRUE
FALSE
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Score0of 1
(skipped)
5. An IRS is a series of FRAs.
Tr&e
False
Score0of 1
(skipped)
6. Capital adequacy for the Bank for undertaking swap need not be
calculated.
TRUE
FALSE
Score0of 1
(skipped)
7. In the Indian market Banks are allowed to run a book of swaps
which have an INR leg.
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TRUE
FALSE
Score0of 1
(skipped)
8. The IRS cannot be used by scheduled commercial banks for their
own balance sheet management.
TRUE
FALSE
Score0of 1
(skipped)
9. The ISDA with suitable modification is the standard
documentation for IRS.
TRUE
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FALSE
Score0of 1
(skipped)
10. There is no currency risk in Differential swaps.
TRUE
FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Put option gives the holder the right to sell a specified quantity of underlying
asset.
TRUE
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FALSE
Score0of 1
(skipped)
2. Mutual funds are players in the options market.
TRUE
FALSE
Score0of 1
(skipped)
3. CBOE is an abbreviation for Company Board of Options Exchange
TRUE
FALSE
Score0of 1
(skipped)
4. Banks are players in the options market.
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TRUE
FALSE
Score0of 1
(skipped)
5. Spot price in addition to the strike price is equal to intrinsic value of an
option.
TRUE
FALSE
Score0of 1
(skipped)
6. The underlying for an option can be physical commodities.
TRUE
FALSE
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Score0of 1
(skipped)
7. European option can be exercised on or before the expiration date.
TRUE
FALSE
Score0of 1
(skipped)
8. Open interest refers to the total number of option contracts
outstanding in the market at any given point of time.
TRUE
FALSE
Score0of 1
(skipped)
9. Option casts an obligation on the buyer.
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TRUE
FALSE
Score0of 1
(skipped)
10. Options and forward contracts are the same.
TRUE
FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
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(skipped)
1. The size and maturity of a futures contract is customized.
TRUE
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FALSE
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(skipped)
2. The maturity and size of futures contracts are standardized.
TRUE
FALSE
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(skipped)
3. Markets for forward contracts are liquid.
TRUE
FALSE
Score0of 1
(skipped)
4. Futures contracts are liquid.
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TRUE
FALSE
Score0of 1
(skipped)
5. Marking to market of outstanding positions at the end of each trading
day is a feature of futures market.
TRUE
FALSE
Score0of 1
(skipped)
6. Either party can walk away unilaterally from the forward contract.
TRUE
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FALSE
Score0of 1
(skipped)
7. A forward contract is an OTC agreement.
TRUE
FALSE
Score0of 1
(skipped)
8. Counter-party risk exists in futures contract.
TRUE
FALSE
Score0of 1
(skipped)
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9. The physical delivery of futures contract is minimal and positions
are normally closed out by opposite trades.
TRUE
FALSE
Score0of 1
(skipped)
10. Futures are not available on bonds.
TRUE
FALSE
Learning ConfrmationYou have completed your quiz attempt. You have scored 0 point(s).
Question Results
Score0of 1
(skipped)
1. Residents of a country do not indulge in economic activities with theresidents of other countries.
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TRUE
FALSE
Score0of 1
(skipped)
2. Official reserves account is one of the components of BoP statement.
TRUE
FALSE
Score0of 1
(skipped)
3. India's forex reserves on December 2014 was sufficient to meet 8
months of imports.
TRUE
FALSE
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Score0of 1
(skipped)
4. A change in the balance of payments of a country will affect the
exchange rate of its currency.
TRUE
FALSE
Score0of 1
(skipped)
5. Exchange control means exchange restriction only.
TRUE
FALSE
Learning Confrmation
You have completed your quiz attempt. You have scored 0 point(s).
Question Results
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Score0of 1
(skipped)
1. ECB is governed by:
Fore!,n E(c%an,e Re,&lat!on Act
Sec&r!t!5at!on and Reconstr&ct!on o# F!nanc!al Assets and En#orcement o# Se
6ebt Recoery Tr!b&nal Act
Fore!,n E(c%an,e 3ana,ement Act
Score0of 1(skipped)
2. Which of the following statements is true for financial institutions and
banks for obtaining ECBs under Automatic Route?
T%e ma(!m&m l!m!t o# E)- !s US20 m!ll!on/
T%e ma(!m&m l!m!t o# E)- !s US0 m!ll!on/
T%ere !s no l!m!t #or t%em &nder A&tomat!c Ro&te/
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T%ey cannot access E)- #&nds &nder A&tomat!c Ro&te/
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3. Refinancing an existing ECB means:
bta!n!n, add!t!onal #!nance a,a!nst sec&r!ty o# t%e e(!st!n, E)-
S&bst!t&t!n, an e(!st!n, E)- !t% a #res% E)-
Pre4$ayment o# an e(!st!n, E)-
:ett!n, a ne E)- !t%o&t d!st&rb!n, t%e e(!st!n, E)-
Score0of 1
(skipped)
4. When Authorized Dealers issue guarantee, LC or LOU for Trade
Credits:
Re$ort!n, to R-. !s not re;&!red &$ to US20 m!ll!on/
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Re$ort!n, to R-. !s to be made !n t%e $rescr!bed $ro#orma/
Re$ort!n, !s to be made only !# t%e amo&nt e(ceeds US m!ll!on/
Re$ort!n, !s re;&!red only !# ,&arantee< L)< or LU !s #or &nl!m!ted amo&nts
Score0of 1
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5. ECB funds can be used for:
.nestment !n s%are market
.nestment !n $ro=ects
.nestment !n real estate
.nestment !n a,r!c<&ral act!!t!es
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6. For ECB under Automatic Route, RBI provides:
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Loan Re,!strat!on '&mber
Loan Pre4$ayment Perm!ss!on
Loan .nstallment Payment '&mber
Loan .nterest Payment '&mber
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(skipped)
7. For ECB under Approval Route, prior approval should be obtained
from:
:oernment o# .nd!a
Resere -ank o# .nd!a
3!n!stry o# E(ternal A##a!rs
3!n!stry o# F!nance
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Score0of 1
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8. ECB can be raised only by:
F!rms and com$an!es
3<!4nat!onal com$an!es
)or$orates re,!stered &nder t%e )om$an!es Act
-anks
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9. For the purpose of classification, ECB is a part of:
-alance o# Payment
-alance o# Trade
)&rrent Acco&nt
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)a$!tal Acco&nt
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10. What is the present all-inclusive cost limit for interest payable
on ECBs for more than five years?
L.-R > +00 bas!s $o!nts
L.-R > 00 bas!s $o!nts
L.-R > +0 bas!s $o!nts
T%ere !s no ce!l!n, on !nterest $ayable
Learning Confrmation
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Question Results
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1. Exporters should submit quarterly progress reports to all the members of
the Working Group.
TRUE
FALSE
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2. Bid bond guarantee does not help contractors to participate in global
tenders.
TRUE
FALSE
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3. Retention Money Guarantee enables the exporter to obtain release of
retained payments from the client.
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TRUE
FALSE
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(skipped)
4. Exim Bank is the focal point in Working Group.
TRUE
FALSE
Score0of 1
(skipped)
5. Technology transfer is not classified as project export.
TRUE
FALSE
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Learning Confrmation
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Score0of 1
(skipped)
1. SWIFT cannot be considered as a payment mechanism.
TRUE
FALSE
Score0of 1(skipped)
2. An LC is a payment mechanism.
TRUE
FALSE
Score0of 1
(skipped)
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3. A bid-bond guarantee issued by the bank helps importer of diamonds
participate in the auction abroad.
TRUE
FALSE
Score0of 1
(skipped)
4. Guarantee is a non-fund based limit.
TRUE
FALSE
Score0of 1
(skipped)
5. ECB is a fund based facility from a bank in India.
TRUE
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FALSE
Score0of 1
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6. Buyer's credit is a form of trade credit.
TRUE
FALSE
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(skipped)
7. Use of ACU mechanism does not save cost for an Indian importer.
TRUE
FALSE
Score0of 1
(skipped)
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8. Opening charges and commitment charges are collected by the
bank establishing an import letter of credit.
TRUE
FALSE
Learning Confrmation
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Question Results
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1. RBI has fixed a monetary ceiling for use of international credit card for
payment.
TRUE
FALSE
Score0of 1
(skipped)
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2. Use of International credit cards for payment in forex in Nepal and Bhutan
is not permitted.
TRUE
FALSE
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(skipped)
3. SWIFT facilitates outward remittance from India.
TRUE
FALSE
Score0of 1
(skipped)
4. Cash advances on international credit card attract finance charges.
TRUE
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FALSE
Score0of 1
(skipped)
5. Travel cards are not pre-paid.
TRUE
FALSE
Score0of 1
(skipped)
6. Wire transfer is a mode of outward remittance from India.
TRUE
FALSE
Score0of 1
(skipped)
7. Foreign currency demand draft can be issued only in USD.
TRUE
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FALSE
Score0of 1
(skipped)
8. Correspondent banking helps in issuance of demand draft.
TRUE
FALSE
Learning Confrmation
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Question Results
Score0of 1
(skipped)
1. FCRA 1976 now stands repealed.
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TRUE
FALSE
Score0of 1
(skipped)
2. Advance intimation on proposed inspection is not given by Monitoring Unit.
TRUE
FALSE
Score0of 1
(skipped)
3. FCRA 2010 is applicable to HUF.
TRUE
FALSE
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Score0of 1
(skipped)
4. Interest earned on foreign contribution is also treated as foreign
contribution.
TRUE
FALSE
Score0of 1
(skipped)
5. More than 50% of foreign contribution received can be utilized for
administrative expenses without prior approval of Central Government.
TRUE
FALSE
Learning Confrmation
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72/79
Score0of 1
(skipped)
1. A remitter under LRS need not have been a customer since one year.
TRUE
FALSE
Score0of 1
(skipped)
2. FEMA 1999 does not apply to remittances made by residents.
TRUE
FALSE
Score0of 1
(skipped)
3. FEMA 1999 defines the current account and capital account
remittances.
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TRUE
FALSE
Score0of 1
(skipped)
4. Prior remittance, the remitter should have maintained an account with
the concerned branch for at least one year.
TRUE
FALSE
Score0of 1
(skipped)
5. A resident going abroad as a tourist can carry foreign currency to the
extent of USD 4,000.
TRUE
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FALSE
Learning Confrmation
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Question Results
Score0of 1
(skipped)
1. Interest on NRO SB is taxable.
TRUE
FALSE
Score0of 1
(skipped)
2. An FCNR account can also be opened as a savings deposit.
TRUE
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FALSE
Score0of 1
(skipped)
3. On maturity, the repayment of an FCNR account in one foreign currency
can be made in another foreign currency.
TRUE
FALSE
Score0of 1
(skipped)
4. Inward remittance for an NRE account comes through SWIFT message.
TRUE
FALSE
Score0of 1
(skipped)
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5. Interest rates on FCNR accounts are not linked to LIBOR.
TRUE
FALSE
Learning Confrmation
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Question Results
Score0of 1
(skipped)
1. EEFC accounts can be maintained in USD only.
TRUE
FALSE
Score0of 1
(skipped)
2. EEFC accounts save on transaction costs.
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TRUE
FALSE
Score0of 1
(skipped)
3. A close relative can be a joint EEFC accountholder on former or survivor
basis.
TRUE
FALSE
Score0of 1
(skipped)
4. An EEFC account can be opened as a savings account.
TRUE
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FALSE
Score0of 1
(skipped)
5. The funds in an EEFC account can be used for payment of customs
duty.
TRUE
FALSE
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(skipped)
6. Only after foreign exchange is realized, the EEFC account is
credited.
TRUE
FALSE
Score0of 1(skipped)
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7. The balance amount in the account is eligible for grant of fund
based facility.
TRUE
FALSE
Score0of 1
(skipped)
8. Airfare and hotel expenses can be paid in foreign currency from an
EEFC account.
TRUE
FALSE